Getting rich should not be your goal as a bookie, having a sustainable lifestyle and a “piece of the pie” now that’s a worthy aspiration. Many folks think of bookies as the type that carries a sweaty wad of $100 bills in the pocket, bound by a money clip; you know the type – what it is really, is one-$100 bill and wrapped inside are 20 $10’s. To all aspiring bookies or anybody that’s taking sports betting action now, you should have hopes and dreams and you should have the goal to make money and hopefully you make a lot of it and turn your business into a “superbook” of the online industry. There is certainly nothing wrong with dreaming, you should dream, you must have goals and you must have a clear-cut path and direction that will lead to success. The way to turn the bookie business on its ear and become a cash boon for you, is to expand your bookmaking offering. You must be competitive, and what you offer will make or break your success.
In what ways can Expansion create Maximum Sustainability?
- Expanding a business is often thought of as risky, scary, financially unsound and just not worth the extra work and hassle that you might undertake in the effort. As a business owner, you must stop thinking this way. You are not a typical, average, everyday business owner. You are a sportsbook owner and there is a big difference between owning a sportsbook and owning a McDonalds; or is there?
- Think about a typical brick and mortar business. What does it take to operate the business on a daily basis?
- Utilities— electric, water, gas…
- Maintenance— No matter if you rent, own, or lease the property where your business is located, you must maintain the building/property. Upkeep is a big deal. The way your brand meets the public eye reflects who you are, what you do, what your business does.
- Payroll— Possibly you need employees, possibly you don’t but in case you should need employees-this opens an entirely new chapter to your business ledger. Payroll could easily be your largest expense.
- Accounting— Another large expense that must be addressed
- Taxes— This is a big one that you can’t possibly run from. You must pay “the man” and make sure that every “T” is crossed and every “I” is dotted. Not only is paying taxes a lot of work to keep up with, it’s a huge business expense.
- The above are just a few of the mandatory requirements of any business and what it takes in order to maintain sustainability.
- A PPH is a different kind of business but must be given the respect to maintenance, just as a traditional brick and mortar. You must pay the help, you must pay rent, you must pay the light bill, and taxes, the accountant and all that goes along with operating an online sportsbook. Yes there is rent (it comes in the form of PPH dues) yes there are costs’ associated with advertising and marketing your business. You will find all of these issues associated with any type of business you chose to operate; there is a silver lining… The cost of doing business as a sportsbook owner is much different than operating a typical business. The expenses are much different, and much less. Now, you can afford to advertise and afford to expand.
- Expansion is a tool that you should be using for growth and a way in which to create income for your sportsbook business.
Fantastic ideas for expansion:
- Casino—Every PPH owner must have an online casino to go along with their online sportsbook. If you do not have one, then you are losing hug profits. The great thing about adding a casino to your portfolio it the cost, it’s affordable. As a matter of fact, it’s very affordable. Adding a casino will cost you a couple of bucks more per head and you will immediately see the economic impact.
- Gamblers love to gamble, and it matters not what they are gambling on. If you offer a casino, it’s guaranteed that your sports players will spend money. A casino does not sustain the same losses that a sportsbook does.
- The sportsbook is a marginal business and there are times when you will take big losses. The casino is not marginal whatsoever, it’s a consummate winner, a cash cow, a boon to your business.
- Offer more sports—You must offer what the “big boys” of the online gaming world are offering. You must give your players what they want to bet on. The difference between a fast food operation and a sportsbook is this; if you offer it at your hamburger stand but they don’t buy it, you are stuck with the waste, you are stuck with the cost of a product that has a shelf-life, that you couldn’t sell. In the sportsbook you can offer it all for no additional cost, if they buy it, then you are the winner at least 55% of the time, (remember the juice). That’s how you make money as a bookie. In order for the player to beat the bookie they must win 52-55% of the time. This is extremely difficult for the average player.
Remember, this is your PPH business and with it comes the responsibility to expand if you want a great income. The bookmaking business is not chock full of overhead. This business is expandable at a very low cost and a high profit yield. Call your PPH provider today and solicit their advice and ask them to help you grow. If they are not willing to help you or unreachable, then find a PPH that will work with you.
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